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Intuit
7 helpful votes

How to account for Bank Fees when matching transactions in Bank Feed

If you received less than the due amount on invoice because of Bank Fees, and you need to record this from the Bank Feed, you'll first need to create an expense account for Bank Fees (if you don't have one already) and then resolve the difference when matching the transaction from your Bank Feed.

Create an expense account

The first step in this process is to create an expense account for Bank Fees, if you don't already have one.

  1. Select Accounting from the left menu, then Chart of Accounts.
  2. Select New.
  3. In the Account dialog, create an Expense account for Bank Charges, and name it Bank Fees.
  4. Select Save.

The account is created. The next step is to resolve the difference when matching transactions.

Resolve the difference

Once you have an expense account for bank fees, you can resolve the difference between the invoice and the payment when matching transactions from your Bank Feed:

  1. From the left menu, select Banking.
  2. On the Bank and Credit Cards page, make sure you have selected the Bank Account  with the transaction.
  3. Locate and select the relevant Transaction on the For Review tab.
  4. Select Find Match.
  5. In the Match transactions window, select the checkbox of the appropriate Invoice.
  6. Select Resolve Difference to open the Add resolving transactions fields.
  7. Select Add new transaction.
  8. From the drop-down list in the Category field, select the Bank Fees expense account you created.
  9. Enter the Amount of the bank fee.
  10. Select Save.

Your transaction is now matched off against the invoice and the bank fees are accounted for.

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